Ujjivan becomes scheduled bank
Ujjivan Small Finance Bank Ltd, a whollyowned subsidiary of Ujjivan Financial Services Ltd, has attained the status of a scheduled bank. Ujjivan SFB, which commenced operations as a Small Finance Bank in February this year, operates 65 full-fledged branches in eight States and two Union Territories. Samit Ghosh, MD & CEO of Ujjivan SFB, said , “This is a very important milestone in our journey to transform from a microfinance company to a Small Finance Bank. It completes the transition phase which began over two years ago and provides the final seal of approval from the RBI in setting up the Small Finance Bank.” He added that the status would help the bank garner institutional deposits at competitive prices.